Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
CHAG > SEC Filings for CHAG > Form 8-K on 20-Aug-2013All Recent SEC Filings

Show all filings for CHANCELLOR GROUP INC.

Form 8-K for CHANCELLOR GROUP INC.


20-Aug-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial


ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On August 15, 2013, Chancellor Group, Inc., a Nevada corporation ("Chancellor"), entered into a binding term sheet (the "Term Sheet") with Fuelist, LLC, a California limited liability company ("Fuelist"), and its founders, Matthew Hamilton, Eric Maas and Thomas Rand-Nash (together, the "Founders"), pursuant to which Chancellor agreed to acquire a 51% ownership interest in Fuelist. As consideration for the ownership interest, Chancellor will contribute to Fuelist a total of $271,200 in cash payable in 12 monthly installments of $22,600, beginning in August 2013. As additional consideration for the ownership interest, Chancellor contributed a total of 2,000,000 shares of newly issued common stock to Fuelist on Monday, August 19, 2013.

Under the terms of the Term Sheet, the Founders will be entitled to additional cash and stock consideration in the event that Fuelist is sold for $50 million or more at any time during the next two years (or for a lesser amount subject to good faith negotiations). Chancellor will receive various investor rights with respect to its investment in Fuelist, including the right to participate in future equity issuances, which rights will be contained in the amended operating agreement of Fuelist.

The Term Sheet is binding by its terms but the parties intend to enter into more detailed transaction documents consistent with the Term Sheet.

The foregoing description of the Term Sheet is qualified in its entirety by the full text of the Term Sheet attached hereto as Exhibit 10.1.



ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

The information disclosed in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference.



ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit No.                        Description
-----------                        -----------

   10.1        Binding Term Sheet for Investment in Fuelist, LLC, dated
               August 15, 2013

  Add CHAG to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for CHAG - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.